Bitcoin Enters Price Discovery - New All Time High
Today’s letter is brought to you by Bitcoin Investor Day!I am hosting the first Bitcoin Investor Day in New York City on March 22nd this year. It is an annual meeting for sophisticated Wall Street investors who are interested in bitcoin. Speakers include Cathie Wood, Mike Novogratz, Anthony Scaramucci, Mark Yusko, Head of Digital Assets at BlackRock, Bitwise CEO, Head of Research at Fidelity & VanEck, and many more. Tickets are only $50 and the venue is incredible. This will be one of the highest quality bitcoin conferences of the year. See you there! To investors, Bitcoin hit a new all-time high of $72,000 this morning. As Balaji Srinivasan highlighted, the digital currency has now hit a new all-time high in every currency in the world. In many recent conversations, investors from the traditional finance industry have asked me “what is the value of bitcoin today?” They are specifically referring to the difference between price and value. One way to think about this is through bitcoin energy value. As Capriole Fund’s Charles Edwards points out, bitcoin’s energy value currently sits at approximately $81,000. Regardless of the true value of bitcoin, the price has been acting in a different way than past market cycles. Bitcoin analyst Alex Adler Jr explains the risk of correction in this bull cycle by saying, “the average drawdown [in this cycle] is -5.47%, and the maximum is -19.11%. Compare this with past cycles and the all-time average drawdown of -15.18% to make informed decisions about your investments.” Adler also shows “starting from October 2023, the volumes of daily transactions show growth, with the peak occurring on March 5 with a volume of $111 billion. The figure is simply huge, as some island nations have a smaller annual GDP.” It is unprecedented for bitcoin to reach new all-time high prices before the halving. Given that we are less than 50 days away from that supply shock, it is hard to construct a bearish narrative through the end of 2024. We can see that two events over the last year led to bitcoin’s rise and my guess is that the halving will be the third event on this chart in hindsight. The spot bitcoin ETFs are still buying hundreds of millions of dollars of bitcoin per day. Microstrategy is pouring in hundreds of millions of dollars every few weeks. Most of the distribution platforms, such as Morgan Stanley, have not been turned on yet, but rumors are they have been racing to make the asset available to their clients. And President Trump said on CNBC this morning that bitcoin has too many use cases now, so he would find it difficult to ban. The funny thing about bitcoin is that it is immune to the noise. The network continues to produce block-after-block of transactions, regardless of what is happening in the world. Bitcoin didn’t care when the price was crashing and the bears were dancing on graves. Bitcoin doesn’t care today when price is surging and the world feels under-allocated to the asset. Hard money is eating the world. Investors are realizing that they need the asset in order to be prepared for an uncertain future. Eventually everyone comes to the same conclusion. Hope you have a great start to your week. I’ll talk to you tomorrow. -Anthony Pompliano Reader Note: Today is a free email available to everyone. If you would like to receive these letters each morning, please subscribe to become a paying member of The Pomp Letter by clicking here. John Egan is the Head of Crypto at Stripe. In this conversation, we talk about the crypto industry and how Stripe is interfacing with the technology, what they have been building, how their products work, bridging the gap between Web2 and Web3, stablecoins, and more. Listen on iTunes: Click here Listen on Spotify: Click here How Stripe Is Building For Bitcoin & CryptoPodcast Sponsors
You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research. You're currently a free subscriber to The Pomp Letter. For the full experience, upgrade your subscription. |
Older messages
Decentralized, Open-Source Technology Is Immune To Geopolitics
Thursday, March 7, 2024
Listen now (4 mins) | To investors, Liza Lin wrote a story in the Wall Street Journal this morning titled “China Intensifies Push to 'Delete America' From Its Technology.” It clearly
History Shows Bitcoin's Volatility Is Net Positive
Wednesday, March 6, 2024
Listen now (3 mins) | Today's letter is brought to you by Bitcoin Investor Day! I am hosting the first Bitcoin Investor Day in New York City on March 22nd this year. It is an annual meeting for
Bitcoin's Price Has Doubled Quickly After Every New All-Time High
Tuesday, March 5, 2024
Listen now (3 mins) | To investors, Bitcoin almost broke the previous all-time high of $69000 yesterday. It came within $500 and has since retreated from the milestone. Given the persistent demand for
The First Public Pension Funds To Buy Bitcoin Are Up 10x Now
Monday, March 4, 2024
To investors, I spoke this weekend at a conference focused on the intersection of economics and American leadership. Those two topics rarely go together. Economics is reserved for the nerds and
The Financial World Is Starting To Understand Bitcoin
Wednesday, February 28, 2024
Listen now (3 mins) | To investors, There is something special happening in the bitcoin market right now. It feels like the global financial world has started to understand what the asset is and why it
You Might Also Like
Recruiting Brainfood - Issue 397
Sunday, May 19, 2024
ChatGPT4o, Practical Guide to Skill Based Hiring, crisis in employee well being & engagement and a very good experiment on AI bias in LLM's. All this and more sensations from the world of
CTR +40%. Blondes vs Brunettes vs Gingers :)
Sunday, May 19, 2024
Today's hack Ads with images of Gingers get 40% higher CTR than of brunettes Matthew Woodward ran a funny experiment through Facebook ads. He set 3 advertising campaigns. Everything was identical
Mindsnack Ep. 1 - Gratitude
Sunday, May 19, 2024
Why practicing gratitude is important
3.1 million visitors/mo from a simple tool
Saturday, May 18, 2024
...and it survived every Google update!
Update: AI Explored podcast With Michael Stelzner
Saturday, May 18, 2024
Hey, Reader! We've got some exciting news. Not only did we launch the AI Explored podcast on Apple Podcasts, Spotify, YouTube Music, and Amazon Music—we did even one better. I realize so many of
'Can You Stay Curious a Little Bit Longer?'
Saturday, May 18, 2024
We spoke to best-selling author Michael Bungay Stanier about why it's so critical to take risks, the "fierce love" element of coaching, and resisting the temptation to give advice.
The Catch-22 in Hiring Today
Saturday, May 18, 2024
There shouldn't be, but there is To view this email as a web page, click here saastr daily newsletter The Catch-22 in Hiring Today By Jason Lemkin Friday, May 17, 2024 | Growth So there's a
Don't Overlook Creatives: Success with TikTok ads
Saturday, May 18, 2024
Discover the Psychology Behind Effective Ads
Valuations can be deceiving
Saturday, May 18, 2024
Also: Ranking the top VC investors of Q1; Our analysts' key takeaways from a number of recent conferences; Don't miss our tech talk on gaming! Read online | Don't want to receive these
How will foreign policy fare after the world's biggest election?
Saturday, May 18, 2024
Multiple diplomatic challenges await the new government that takes charge in New Delhi in June ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏